Donald Trump’s estimated net worth has now doubled as the company that owns Truth Social is about to go public.

(CNN) — Truth Social owner Trump Media & Technology Group completed its deal to go public, delivering a huge windfall for former President Donald Trump, doubling his net worth.

After Trump’s media announcement that he would debut in the stock market on Tuesday, Trump entered the list of the world’s 500 richest people on the Bloomberg Billionaires Index for the first time.

Bloomberg estimated that Trump’s net worth increased by $4 billion on Monday alone, bringing his net worth to $6.5 billion.

The closing of the merger between Trump Media and Digital World Acquisition Corp. amounts to a billion-dollar windfall for former President Donald Trump, who is chairman and major shareholder of the new company.

The new company will begin trading Tuesday on the Nasdaq stock exchange under the symbol “DJT,” the companies said.

News of the merger completion sent Digital World shares up 21% on Monday. At current prices Trump’s stake is worth $3.5 billion. However, there are restrictions that would prevent Trump from selling those shares or borrowing at their value for months.

Donald Trump’s estimated net worth has now doubled as the company that owns Truth Social is about to go public.

A phone screen displays the Truth Social app in Washington on February 21, 2022. Stephanie Reynolds/AFP/Getty Images

Devin Nunes, CEO of the combined company, said in a statement that the company would work to “take back the Internet from the censors of Big Tech.”

“We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and stand up against the growing army of those suppressing speech,” Nunes said.

Shares of Digital World Acquisition Corp. (DWAC), the shell company that now owns Truth Social, rose more than 20% on Monday. The stock has risen more than 170% in the past six months.

Experts have warned that the market is overvaluing Trump Media given the company’s fundamentals.

Trump Media generated just $3.4 million in revenue during the first nine months of last year, according to SEC filings. The company suffered a net loss of $49 million during that period.

Meanwhile, Truth Social’s user base is shrinking, even more so than that of X, formerly known as Twitter.

The number of monthly active users of Truth Social on iOS and Android in the US has declined 39% year over year, according to SimilarWeb data shared with CNN earlier this month.

In anticipation of its merger with Trump Media, DWAC’s stock trading displayed the same kind of frenzy that was displayed in the surge in Tupperware stock last July, or in meme stocks AMC Entertainment and GameStop during the height of the pandemic . On Truth Social, a chat group called “The DWAC Shareholder Group” has over 8,000 members, where users discuss the shareholder vote to approve the merger and post memes and messages of support.

CNN’s Elizabeth Buchwald and Crystal Hur contributed to this article.

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